At the end of 2020, real estate sales in Cyprus declined by almost a quarter compared to 2019. As writes StockWatch, the sagging sector of 23.1% contributed to two factors: the pandemic COVID-19 and the scandalous closure of the Cyprus program “Citizenship for Investment”.

In 2020 in the country was concluded 7,968 transactions of purchase and sale of real estate (a year earlier – 10,366). At the same time the drop in sales was recorded in all areas of Cyprus, except Nicosia – there is an increase of 2.8%.

First place in the country took Limassol – 2480 contracts were signed there. Second place is Nicosia (2054 contracts), in third place is Paphos (1554).
In Larnaca 1296 properties were sold, on the free territories of Famagusta (Ayia Napa, Protaras and Paralimni) – 584.

In general, analysts say, the sale of real estate in 2020 returned to the level of 2016, when it was sold 7063 objects.

Experts, however, believe that the real estate market has a margin of safety, and pinned his hopes on the trend of acquisition of housing Cypriots, not foreigners.